Are you trying to find the best way to get LME rates in Python? Then an API is perfect for you.
The London Metal Market and Exchange Company was established in 1877, however the market may be traced back to 1571 and the establishment of the Royal Exchange in London. Prior to the creation of the exchange, dealers in London coffee shops conducted business using a makeshift ring drawn in chalk on the floor.
Initially, just copper was exchanged. Lead and zinc were soon added, although they did not become legal trade commodities until 1920. It is a futures and forwards exchange that operates the world’s largest market for standardised forward contracts, futures contracts, and options on base metals. Contracts for ferrous metals and precious metals are also available on the market.
The London Metal Exchange (LME) is one of the most prominent exchanges in the city. In terms of volume, it is Europe’s largest pure commodities exchange and the world’s tenth largest futures market. It enables for cash trading since it provides contracts with daily expiry dates of up to three months from the deal date, weekly contracts of up to six months, and monthly contracts of up to 123 months. To settle contracts, it provides hedging, global reference pricing, and the option of physical delivery.
If you work everyday with LME rates keeping an eye on how values vary over time and how they relate to current prices is a necessity. This knowledge is critical for determining the best moment to invest. As a result, there is a need for a programming interface (API).
What Exactly Is This?
APIs, or application programming interfaces, facilitate software development and innovation by allowing programs to exchange data and functions in a straightforward and secure manner. An API is a set of rules that define how computers or programs interact with one another. APIs provide a bridge between an application and a web server, allowing data to move between the two.
Many of them are available on the internet, albeit not all of them provide the same information. As a result, in order to prevent wasting your time with a negative meeting, you must approach with caution while forming judgments.
As a result, we strongly recommend that you use Metals-API, which is gradually becoming one of the most popular and comprehensive APIs for precious metal values. This tool may provide you with a variety of metals and currencies to use on your website.
You must do the following to make advantage of it:
- At www.metals-API.com, you may generate your own API key.
- Look for the symbols you wish to check. There are a few LME rates you can see here www.metals-api.com/currencies
- Before concluding the API call, use these symbols to add metal and money to the list. You may also choose a programming language and a price range.
- Finally, you hit the “run” button, and you’re done!
Why Metals-API?
Metals-API began as a simple, lightweight Open-Source API for banks to obtain current and historical precious metals values. The API can offer real-time precious metals data with an accuracy of 2 decimal points and a frequency of up to 60 seconds through API. These features include presenting Time-Series data, volatility statistics, and the day’s lowest and highest prices, as well as offering precious metals exchange rates and converting single currencies. The API delivers accurate precious metal exchange rate data in over 170 currencies worldwide, including Bitcoin and other major cryptocurrencies.
Also published on Medium.